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If you’re looking for the cheapest home insurance you can get, it’s essential to shop around and compare quotes. You may find that your current insurer is cheapest, but that can change, so check roughly once a year.
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Homeowners insurance, also called home insurance, provides financial protection in the event that the homeowner’s house or its contents are damaged. It also provides protection in case the insured or her family are held liable for injuries to other people or damage to their possessions while they are on the property.
Homeowners typically purchase home insurance for two reasons: to protect assets, such as the building structure and the items inside, as well as to protect themselves from personal legal liability or responsibility for injuries to other people or their possessions while they are on the property; and to satisfy mortgage lenders, who typically require homeowners to buy insurance to protect their investment.
Dwelling protection, which covers the home and the surrounding structures, such as a garage, tool shed, fence and carport.
Liability coverage, which pays for damages the insured caused on another person’s property, or injures a person incurred on the policyholder’s property.
Personal property coverage, which pays for the repair or replacement of items that are damaged or stolen in a covered loss.
Additional living expenses coverage, also referred to as “loss of use,” which helps pay for temporary relocation and basic living expenditures such as meals if the covered damage forces the homeowner to relocate while it is being repaired.
Medical payments coverage, which pays for injury treatment for visitors who get hurt while they are in the property. It also covers individuals the homeowner or members of her family accidentally injure while away from home.
Some policies offer additional, optional protection for perils like damage to surrounding vegetation, burst water pipes, or certain passenger vehicles associated with the property. Environmental threats, like floods or earthquakes, are typically not covered unless the homeowner also purchases hazard insurance, which also protects against dangers like nuclear fallout.
A standard home policy typically provides the following types of coverage:
Dwelling coverage helps protect the structure, built-in appliances and wall-to-wall carpet of your house from damage. In the terms of your home insurance policy, your “dwelling” means the entire structure of your home and any connected structures such as an attached garage or cellar. In the event your home is damaged by a covered loss, this will help to cover repairs or any rebuilding that needs to take place as a result.
Other structures coverage applies to structures on your property that are not attached to your dwelling. If an unattached structure such as a shed, garage or guest house is damaged, other structures insurance may help cover the associated costs.
Personal property coverage protects your personal belongings in your home, such as furniture or electronics, if they are damaged or destroyed by a covered loss.
Liability coverage may cover damage costs associated with bodily injuries sustained by guests on your property and other covered expenses that arise as a result of negligence. This could include the individual’s medical bills, loss of income, pain and suffering and more. It could also cover your legal defense costs in the event of a dispute.
In the event you need to temporarily move out of your home due to a covered loss, loss of use insurance will cover additional housing and living expenses that you incur. For example, if you have to move out of your home while it is being repaired or rebuilt after a covered accident, loss of use insurance would cover the cost of a hotel or temporary apartment.
Yes and no. Home insurance is not required by state law, like auto insurance. However, your lender may require that you obtain a policy and a certain level of home insurance coverage. Having home insurance is an important way of protecting your home and belongings from the unknown – and potentially avoid paying out of pocket for costly damages.
Home insurance helps you protect the things that matter most. To gain peace of mind with the right home insurance policy, start your home insurance quote today.
Home insurance isn’t a purchase you make often, so you may not know where to start or how to get home insurance quotes.
Home insurance and renter’s insurance both exist to protect your personal property. They help prevent homeowners and renters from having to pay the full cost of damages and losses out of pocket. Both act as liability coverage in the event that someone is injured on your property, and both provide financial assistance if you are displaced from your home.
However, home insurance covers more than renter’s insurance. In particular, it covers the structure of the building, whereas renter’s insurance only covers belongings. This additional coverage is important for homeowners because in the event of a disaster, the structure of their home can become damaged. Renters do not need this coverage because their landlords are responsible for insuring the dwelling; renters just need to make sure they have adequate coverage for the possessions and for liability.
According to the Insurance Information Institute, the average cost of home insurance is $880, while the average cost of renter’s insurance is $184. The difference in price is due to the differing levels of coverage. Renter’s insurance only acts as liability and possession coverage, whereas home insurance provides coverage for the entire building. The more that is covered, the higher the average price for home insurance coverage will be.
Despite their differences, home insurance and renter’s insurance are both very important. They provide coverage that will protect you against any damage your personal belongings may accrue from fire, theft, or water damage, and ensure that you will not have to pay the full cost of replacing the losses that result from those events. This offers homeowners and renters the peace of mind that their homes and belongings will be repaired and replaced in the wake of disasters.